(Read more on the multifamily market.)
RICHMOND, VA-A multifamily portfolio has come on the block herethat is valued at $85 million or more. The portfolio consists oftwo multifamily developments in Chesterfield County called theBelvedere and River Forest--one with 240 units, the other 296units-–plus an additional six-acre parcel of zoned land that iscontiguous to one of properties. This parcel has an allowabledensity of up to 60 units.
According to Drew White, lead broker with Cushman &Wakefield Apartment Brokerage Services, which is marketing theclass A properties for a private local developer, the Bogese Co.,the occupancy is in the high 90s.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
